MortgageJaw.com

Well, after the process started looks like President Obama put the ink to the paper and has signed the extension on the unemployment bill which had an amendment attached to extend the home buyer tax credit. Not only did this extend the first time home buyer tax credit of $8,000 for those whole qualify, but added to it several other details I explain in my previous post

Tax Credit.

Looks like everything is the same from when it started added several things like allowing people who lived in their current residence for 5 yours to get a $6,500 credit if they buy a new primary residence. Also raised the income caps for people to qualify. Just remember this is a TAX CREDIT so make sure you do get all the details before you claim this on your taxes. Also be good to talk with a Tax professional.

Hope this helps

According to the CNBC report Obama will be signing the bill for the Unemployment and 1st time Home buyer tax credit extension. 

Obama To Sign Bill Friday Extending Homebuyers Credit
Congress took further steps to right the staggering economy by expanding a popular tax credit for home-buyers and extending unemployment checks for the growing legions of people running out of benefits with few job prospects.

http://www.cnbc.com/id/33673455/

Summary:

This extends the credit for first time home-buyers through JUNE as long as home-buyers have a signed contract by the end of APRIL. It also offers a $6,500 for those who lived in their current homes for at least 5 years to buy a new primary residence to live in. The income level has been raised to $125,000 for individuals but homes must cost less then $800,000.

Hope this helps.

The first time home buyer tax credit that is set to run out by November 30th might get its second wind. Currently the Senate is working on an amendment to the unemployment house bill 4785 as decribed in my previous post Tax Credit. Ok, here is the short and sweet of what is going on with out a bunch of fill in sentences:

1. First time home buyers would continue to get $8,000 credit, while repeat buyers of primary residence would be eligible for a credit of $6,500 if the current buyers owned their own homes for at least 5 years.

2. Tax credit would be available to individuals making up to $125,000 a year and couple making up to $225,000 a year.

3. Tax credits would be available to home buyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to the summary that was given to lawmakers.

(the above is not set in stone and will probably change knowing lawmakering process)

The process: Depending on how this amendment gets out of the Senate, there are talks it could be voted on as early as Thursday, Oct. 29th…BUT that is for the unemployment bill and several reports are stating the amendment may or may not be attached to the unemployment bill. If and when this home buyer tax credit gets out of the Senate, it still has to make its way through the House and the leaders have already expressed their support for extending the tax credit for home buyers.

My thoughts, if you are in love with a house and ready to buy…..”Go for it!”… since you probably were going to buy it even with out a tax credit. If by some amazing event happens in congress and there is no more tax credit after November 30th, then you still have bought your house that you love and will be turning it into a place you can call home!

www.jasonwroble.com “Taking a bite out of your biggest debt, YOUR MORTGAGE!”

According to the AP, the Senate could vote on Tuesday to give the extension of the first time homebuyer credit set to expire by November 3oth, 2009. Senate majority leader Harry Reid is looking to attach an amendment to the unemployment insurance bill helping to extend the homebuyer credit. The bill to follow is 2009 House bill 4785 expand unemployment benefits to get stimulus money. When there is an amendment wanting to be added, you can expect several different versions to come together. Some of these ideas would be to extend the first-time homebuyer credit through December 2010 but having it get phased out before reaching December by dropping the amounts from the max of $8,000 credit down to $2,000 by year end. Others like Senator Johnny Isakson wanted to expand it to all home buyers for their primary residence and raise the income limit.

Any form of amendment is being rallied behind by housing industry groups to help decrease housing inventory while helping people buy a home. Now we just have to wait and see while our current deadline for the $8,000 first-time homebuyer credit is getting close to the end of November 30th, 2009.

This is the formation of a government agency that will regulate anything to do with consumer financial products or services. Here is the summary from the bill: 

Consumer Financial Protection Agency Act of 2009 – Establishes the Consumer Financial Protection Agency as an independent executive agency to regulate the provision of consumer financial products or services (products or services) under: (1) this Act; (2) consumer finance laws including the Electronic Funds Transfer Act, the Equal Credit Opportunity Act, provisions of the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Home Mortgage Disclosure Act, the Real Estate Settlement Procedures Act, the Truth in Lending Act, and the Truth in Savings Act; and (3) transferred authorities concerning consumer financial protection functions of the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Federal Deposit Insurance Corporation (FDIC), the Federal Trade Commission (FTC), and the National Credit Union Administration (NCUA).

So, the good side for this is one agency will be able to regulate the whole banking industry……the bad side…..there is only one agency that will be regulating the whole banking industry. Would love to hear from you guys on this so let me know what you think!